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Ramesh Sharma

Sub-10% offer: (From left) Mr Egisto Franceschi, CEO, Wizard India; Mr Mark Bouris, Chairman, Wizard International; and Mr T. P. Chopra, President, GE India;at a function in the Capital on Thursday. –

Our Bureau

New Delhi, Sept. 20 GE Money, the consumer financial services division of GE, along with its mortgage partner, Wizard International, will invest $ 200 million in India by 2011. The company on Thursday said that it planned to set up 250 branches in the country to tap the home loans market in India.

Wizard Home Loans, the joint venture company of the two entities, will offer home loans at 9.99 per cent floating interest rates, lower than the prevailing market rate which is currently between 11 per cent to 12 per cent for varying tenures.

“Indian consumers are looking for specialised mortgage packages with global expertise. We want to challenge the interest rates and offer the most competitive rates to our customers,” said Mr Mark Bouris, Chairman, Wizard International.

He said that in the coming four-five years, the company would seek to be among the top five home loan vendors generating $ 2 billion worth of size of home loans.

The company is waiting to get approval from the Reserve Bank of India.

More Stories on : Alliances & Joint Ventures | Housing Finance

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